Cramer makes a 'buy' call on General Motors

With improving conditions in key markets and the announcement of a new deal to buy back preferred stock from the UAW, CNBC's Jim Cramer said that General Motors is an attractive bet for investors right now.

"I think GM is one of those stocks people need to remember," Cramer said on "Squawk on the Street" Monday. The company is focused on growing its business in Europe and China, Cramer said, areas that are showing signs of increasing strength.

In addition, GM announced on Monday that it had reached a deal to buy back 120 million of its preferred shares - about $3.2 billion - from the United Auto Workers retiree medical benefits trust. The buyout values the shares at $27 per share and the transaction is contingent on a debt offering by GM scheduled for Sept 30th.

(Read more:GM to buy back some preferred shares from UAW trust)

On the news and the improving situation in Europe and China, Cramer said that "General Motors is a buy here … Labor getting out, this is a great situation."